Sunday, January 15, 2017

Today's Headlines

  • Tech Rally Fails to Budge S&P 500 for Week as Nasdaq Sets Record. Investor enthusiasm for technology stocks helped lift the Nasdaq Composite Index to a record this week, while the S&P 500 and Dow Jones Industrial Average were little changed. The Nasdaq, which gained prominence during the dot-com boom of the 1990s, advanced in four out of five days amid gains in the computer and transportation industries, each of which rose at least 1 percent. The S&P 500 ended the week down 0.1 percent and the Dow lost 0.4 percent. The week marked a turnaround for some of the sectors that had stood out during the market rally after Donald Trump’s surprise presidential election win. Energy shares in the S&P 500 dropped 1.9 percent, the most since the five days ended Nov. 4. Financial stocks slipped 0.1 percent Real estate companies led declines with a drop of 2.2 percent as the 10-year Treasury yield slid for the fourth straight week. Consumer discretionary stocks and tech companies added 0.8 percent.
  • May to Seek Hard Brexit by Leaving EU Market, Times Reports. U.K. Prime Minister Theresa May will this week signal plans for a “hard Brexit’’ by saying she’s willing to quit the European Union’s single market for goods and services to regain control of Britain’s borders and laws, the Sunday Times reported. In a speech scheduled for Tuesday in London, May will prepare to withdraw from tariff-free trade with the region in return for the ability to curb immigration, strike commercial deals with other countries, and escape the jurisdiction of the European Court of Justice, the Sunday Times said without saying how it obtained the information. Her finance chief, Philip Hammond, in a separate interview said Britain would be willing to abandon “mainstream economic and social thinking” if it is unable to craft a favorable post-Brexit EU deal, according to the German newspaper Welt am Sonntag.
  • Trump Calls NATO Obsolete and Dismisses EU in German Interview. U.S. President-elect Donald Trump called NATO obsolete, predicted that other European Union members would follow the U.K. in leaving the bloc and threatened BMW with import duties over a planned plant in Mexico, according to an interview with Germany’s Bild newspaper that will raise concerns in Berlin over trans-Atlantic relations. Quoted in German from a conversation held in English, Trump predicted Britain’s exit from the EU will be a success and portrayed the EU as an instrument of German domination with the purpose of beating the U.S. in international trade. For that reason, Trump said, he’s fairly indifferent whether the EU breaks up or stays together, according to Bild.
  • Merkel Coalition Seeks to Punish Social Media for Hate Speech. Chancellor Angela Merkel’s government plans to fine social media networks such as Facebook Inc. and Twitter Inc. if they fail to combat hate speech, as German officials accuse media companies of being too slow to take action. Volker Kauder, chairman of Merkel’s Christian Democratic Union parliamentary caucus, said on Saturday that he reached a preliminary agreement with Social Democratic Justice Minister Heiko Maas that would require companies to respond to speech complaints within 24 hours. Otherwise they’ll have to pay.
Wall Street Journal:
  • Had bullish commentary on (GOOGL), (MRK), (ATW), (GS), (PNC), (POOL), (CSX), (RDC), (DO), (HP), (NBR), (PTEN), (UNT), (AMAT), (OLED) and (HXL).
Zero Hedge:
Business Insider:
China Daily:
  • Trump 'Playing With Fire' Over Taiwan Remarks. It appears that the Trump administration is intending to use the one-China policy as its "trump card," China Daily writes in an editorial. To assume Trump and his team's remarks have been based on bluster or miscalculation seems "wishful thinking". Breaking the one-China policy may upend fundamentals for China-US relations. Trump to pay costly price if "Taiwan game" continues, the editorial said.

No comments: